They say that buying an RV is just like buying a car since there are as many available financing options for you to choose from. Getting a loan is a simple task for people who have good credit and knowledge of where to apply for one. However, it is not impossible to find lending companies that have RV financing bad credit.
Like most loans, when you are buying an RV, you are required to present financial documents, have a credit check performed, and provide an appropriate down payment. Nonetheless for those getting an RV financing bad credit loan, additional requirements should be presented too. Just keep in mind that RV loan rates are similar to car loan rates, so whenever auto loan rates are low, RV loan rates should also follow.
One way to look for RV loans is through companies that offer car loans as well. Get forms, rates, and requirements about the loan. Since RVs are not considered necessity items, they tend to require higher credit scores than normal car loans in order to qualify. In most cases, RV dealership can be finance on the spot. In some other situations, the loaner needs to apply in advance for the loan, complete all pre-qualification requirements and get approval, and take these to the dealer. The Recreation Vehicle Industry Association (RVIA) provides lists of dealerships and RV financing companies.
If you have an average or poor credit, RV financing can be tough. However, this is most likely possible when you apply for financing an older RV. They normally tend to require fewer down payments as well. Additionally, if you’re looking to finance an older RV, the most ideal options are banks and credit unions. Take note though of those RVs older than 7 years, since most banks usually tend to decline loans older than that.
